Spain's Guardia Civil is investigating three people over alleged fraud and money laundering linked to DUTT, a fake cryptocurrency investment platform, according to Periódico de Ibiza. A single victim lost around 12,000 euros. The suspects live in the Balearic Islands, Granada and Valencia and have been placed at the disposal of the court in Llíria (Valencia). Officers managed to block about 6,000 euros of the allegedly stolen funds.
Recruited on WhatsApp. The victim, a Madrid resident according to Criptoinforme, first joined a WhatsApp group about high-return investments, where she received market information and tips. She was later invited to use DUTT, which offered supposed crypto opportunities with high yields.
Trust first, trap later. To build confidence, the operators initially credited users with 100 USDC and made trades that appeared highly profitable. For several months, deposits and partial withdrawals worked normally, according to the Guardia Civil. The platform then offered participation in new token launches through allocations and loans. After the victim took a 12,000 USDC loan, she was told she had to repay it before withdrawing her funds.
Doubling down. Trying to recover her money, she opened a second account and deposited 2,000 and 3,000 USDC. After the last deposit, the operators stopped answering and the platform blocked withdrawals from both accounts.
Following the blockchain. After she filed a complaint through the Guardia Civil's online portal, its CiberComandancia, based at Spain's national cybersecurity institute INCIBE in León, analysed blockchain transactions. Investigators traced the assets through various addresses and exchange services, detecting movements allegedly designed to hide their origin. Judicial police teams from Llíria, Algaida and Granada took part.
Why it matters
A familiar pattern. Criptoinforme notes that letting victims win and withdraw early is what makes such platforms credible. On 3 November, Spain's securities regulator CNMV warned about another unregistered app, BR Rise APP, also promoted in WhatsApp groups. DUTT does not appear on that list, and no source publishes DUTT's web address.
- Stop if a platform asks you to pay to withdraw your money; paying more does not free earlier funds.
- Be wary of 'extraordinary' returns offered in WhatsApp groups or by advisers you do not know.
- In Spain, check the CNMV register of crypto-asset providers before investing.
- Keep all payment receipts and messages, and report to the Guardia Civil or Policía Nacional.
- Beware of 'recovery' services that ask for a fee after a scam.
Sources: Periódico de Ibiza, Criptoinforme
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